Is Buying Health Insurance on EMI a Good Idea?

Author : Gmoney loans | Published On : 13 May 2022

Nobody of us wants to plan to get sick, yet we have to be prepared for emergency medical treatment. Creating a safe environment for the rising cost of medical expenses is an absolute necessity and every one of us should consider good health insurance that provides coverage for all hospitalization expenses. 

The Insurance Regulatory and Development Authority of India (IRDAI) has directed the companies dealing with healthcare financial services to allow individuals to buy health insurance in easy EMIs. This announcement is most beneficial for people with low income, as it offers the insurer to opt for health insurance with monthly, quarterly, half-yearly, or yearly payment options.  

Benefits of Buying Health Insurance on EMI

Healthcare financial services in India are aiming to make health insurance plans more affordable to help make them reach the masses. Now you can even opt for a health insurance plan on EMI. Some of its benefits are:

  • No Cost EMI Health Insurance: Your one-time annual premium of a health insurance policy can be converted into easy EMIs without any additional costs. With GMoney you can choose to pay with different options that include payments in equal monthly installments. 

  • Go for Higher Health Insurance Coverage: Opting to buy a medical policy by paying in parts rather than buying it all upfront makes it possible for the insurer to choose the higher sum insured plans. When you have an option to pay EMI, it is affordable to buy a medical policy that offers a higher sum insured and covers all major illnesses. 

  • Tax Benefits: If you choose to buy a health insurance policy, you can claim tax deductions up to Rs 50,000 in premiums paid as EMIs under Section 80D of the Income Tax Act of India 1961. 

  • Ease of Paying EMIs: You can pay an EMI on the due date using the online mode, or can even choose for auto-debit option. In this case, you have to instruct your bank to auto-deduct health insurance EMI on the due date. 

  • Beneficial for Senior Citizens: Buying a health insurance plan on EMI is most beneficial for senior citizens. With the growing age, senior citizens are more prone to diseases. A good health insurance plan on EMI supports senior citizens to avail best medical treatments and they also don’t require to pay a huge sum at a time. 

 

GMoney Health Card – A way to pay for Health Insurance in EMI

GMoney health card is a unique service where you can get emergency medical funds without any collateral and allows you to pay for all types of medical bills. This digital health card can be used at various health centers to pay for your medical bills. This card allows you to repay medical expense in no-cost EMIs at your convenience. Now you can also pay for Health Insurance on 0% interest EMI. To know more on how to buy health insurance on EMI call on 7400 177 177

Benefits of GMoney Health Card

  • This card can be used in more than 8700 hospitals all over India. Moreover, GMoney is targeting to add a minimum of 1000 hospitals every month and thus growing its network further. 

  • The card can be used at various places like all multi-specialty hospitals, dental clinics, cosmetology centers, eye care, ENT treatment, hair-care, IVF centers, nursing homes, orthopedic hospitals, cardio, and urology centers, and much more. 

  • GMoney health card is free to apply with no annual membership fees.

Conclusion

Medical emergencies are a nightmare and can require a huge amount of money. To pay for a medical emergency you may have to use your savings or require borrowing money. The other way is to choose a GMoney health card and secure your savings for other future uses.